As 2023 draws to a close, Non-Fungible Tokens (NFTs) continue to be a significant part of the Web3 space, with community members expressing optimism for the asset class’s potential in 2024. Experts in the Web3 field predict that the connection between crypto and physical assets will grow stronger in 2024, with NFTs playing a crucial role. John Crain, CEO of SuperRare Labs, believes NFTs will serve as “certificates of originality” and that their physical prints will be another growth factor.
The tokenization of Real World Assets (RWA) has been a hot topic in the crypto space throughout 2023. Oh Thongsrinoon, marketing director at Altava Group, which merges luxury fashion with Web3, expects this trend to continue into 2024, emphasizing that NFTs offer benefits beyond just profile pictures. Altava has implemented RWA tokenization for their clients, offering branded products, intellectual property ownership, and exclusive access.
Another area where NFTs are expected to make an impact in 2024 is gaming. Jason Lau of the crypto exchange OKX notes that despite some players’ concerns about Web3 games and NFTs, video game companies are diving into this space. He cites Square Enix’s Symbiogenesis and Mythical Games’ NFL Rivals as examples of games utilizing NFTs and expects a new wave of Web3-enabled games to introduce innovative uses of NFTs to a broader audience.
Henry Chang, CEO of the South Korean game development company Wemade, predicts an increase in blockchain-based games in 2024, with developers gaining more experience and confidence in incorporating Web3 elements into games. This, he believes, will lead to more sophisticated use of blockchain in game mechanics and gameplay.
Bitcoin-based NFTs made a significant impact in 2023, with experts anticipating further growth in the next year. Lau believes the trend of integrating NFTs into the Bitcoin ecosystem will continue as educators become more knowledgeable and selective. He also mentions the resilience of Bitcoin Ordinals and their ability to store NFT art and data directly on the Bitcoin ecosystem, leveraging its scarcity, security, and immutability.
Thongsrinoon shares the belief that Bitcoin NFTs could evolve further in 2024. While NFTs faced challenges in 2023, Bitcoin-based NFTs gained momentum, which he views as positive for the crypto industry and potentially revitalizing interest in the metaverse.